If there was ever an industry in need of automation, it would be the mortgage lending industry. This industry is plagued by time-consuming and error-prone, paper and labor-intensive processes, front-end systems that do not communicate efficiently with back-end systems, and third-parties that are often not integrated into the process electronically. These problems are exacerbated by the huge volume of loans that are generated each year (nearly 5 million new consumer mortgages alone). Content management is a key enabling technology in solving these problems.
According to the American Productivity and Quality Center, an amazing 74% of organizations are currently engaged in a finance process improvement initiative. Why are they doing this? And how does this tie to broader Digital Transformation initiatives?
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This is the second of three posts on the theme -- CFOs and Finance Directors: Neglected Players in the Drive for Digital Transformation. The first post was here. The core point of the three posts is the financial process automation creates a value stream in two directions. It is a proven source of cost reduction for companies looking for marginal but sustaining competitive advantage, something that Finance Directors can use to "manage up" in their organizations in making a case for resources to drive financial process automation, which is the focus of this post. Financial process automation also creates the foundation for sound analytics and business intelligence, a priority of great concern to the C-Suite, which will be the focus of the third post.
This is the first of three posts reflecting thoughts on the role of Financial Process Automation in Digital Transformation. Yes, you read that right, and I realize it could be argued that this is one of the great oxymorons ever, combing "Financial Process Automation" and "Digital Transformation" in the same sentence. But stick with me. Every business operates on a pretty thin line between success and failure, and technology disruption is making this line sharper every day.
When I think about World Paper Free Day, I am reminded of when we renovated and reduced our office space a few years back. The end goal was a more open, collaborative environment while reducing costs. I spent a lot of time researching and planning for an open-space plan.
AIIM Board member John Chickering, always on the prowl for interesting information, spotted some data from the Federal Reserve that illustrates just how far we have come in the world of paperless transactions.